International business law is the body of norms and rules that governs business activities performed outside the legal jurisdictions of particular states.
It was created to regulate the relationships between states and foreign businesses that wish to engage in international trade.
The World Trade Organization Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement)
- Attempts to standardize the laws among member states relating to the protection of trade secrets, patents, trademarks, and trade agreements.
- There are different aspects of this agreement that aim to standardize and harmonize the intellectual property rights of businesses.
Need of international business law conferences:
Several international business law conferences are conducted annually to share information and advancements about implementing laws at national and regional levels.
- These conferences bring together international business leaders, attorneys, policymakers, economists, and other experts dedicated to issues concerning the global economy and the functioning of the international market.
- They give presentations regarding the development of the global economy, trade policies, and the impact of the worldwide economy on various business sectors.
- The conferences also address political and legal concerns, reforms in international business law, and foreign Direct Investment Treatments on the foreign economy.
Topics covered in the various international business law conferences :
Some of the topics covered in the various international business law conferences include civil law, international business law, public international law, economic law, property law, tax law, environmental law, human rights law, tort law, securities law, and patent law.
- One can easily access several websites that provide basic information regarding the various seminars and workshops organized by the World Intellectual Property Organization (WIPO), the United Nations World Intellectual Property Organization (WIPO, UPUO), and the World Trade Organization.
- Most of these websites provide comprehensive information. However, it is essential to remember that all of these sites are only meant as information and reference, and one should not base their decisions and choices on them alone.
Countries have civil law jurisdiction.
Many countries have civil law jurisdiction they are Austria, Belgium, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Japan, Korea, Malta, Mexico, Netherlands, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, Slovakia, Spain, Sweden, Taiwan, Thailand, and the United Kingdom.
Countries have civil law jurisdiction.
Other countries that have a common-law jurisdiction are Bahamas, Benin, Andorra, Botswana, Burundi, Cambodia, Cape Verde, Central African Republic, Equatorial Guinea, Gambia, Hawaii, Jordan, Kenya, Liberia, Madagascar, Mauritius, Mexico, New Zealand, Niger, Norway, Peru, Romania, Saudi Arabia, Seychelles, Solomon Islands, South Africa, Spain, Tajikistan, Timor-Leste, Turkey, Tunisia, and the United States.
Today Economic law:
Today, economic law, like other branches of the law, has been making rapid developments and improvements to serve the business community better.
For example, in the United States, several changes are being implemented regarding mergers and acquisitions, capital gains, and patent protection.
- These changes are part of economic law experts recommending that the United States Congress passed a bill to reform the foreign investment law (section 715 of the revised U.S. foreign policy towards foreign investments).
- In addition, the United States is expected to propose another revision to its economic growth and trade policies to enable foreign companies to invest in the United States market.
- It is expected further to stimulate business transactions between American companies and foreign businesses.
The legal environment of China is changing rapidly. Recently, President Hu Jintao of the People’s Republic of China made a state visit to the U.S. and traveled to Brussels to attend the China-US economic dialogue.
President Obama and his staff are visiting China shortly for what is expected to be a comprehensive engagement with the Chinese leadership on international business growth and trade issues.
On his trip to China, the President said, “The era of globalization has begun to change the international legal environment.”
The fact that international business law, international trade, and Chinese law are intertwined highlights an emerging challenge for American business:
How to sustain economic prosperity and at the same time protect the interests of American workers.
One way of approaching this challenge is through the utilization of comparative economics. Comparative economics suggests that the policies that affect one country can easily affect other countries.
For example, if a government imposes a tax on automobiles that cost more in the United States than in China, transportation to the United States would increase, increasing American consumption.
However, suppose the automobile manufacturer in China built automobiles in the United States that compete with those manufactured in the United States.
- In that case, the manufacturer could expect to experience lower costs from buying labor and using the Chinese worker force to make the automobile.
- By examining comparative international taxation and regulation policies through the lens of international commercial arbitration, U.S. businesses can develop strategies to reduce their taxes and receipts of government subsidies.
- International firms need to remember that they must be aware of all the costs of doing business in China and within China.
In addition, they have to keep abreast of local practices that might erode their ability to do business in China.
Ultimately, companies are up to monitor and control the costs associated with doing business in China. They should be aware that it is ultimately the taxpayer who foots the bill in any tax-related disputes.
Need Of International Business Law
There is a need for international business law in this modern age.
- It is because of globalization in the corporate world and because more countries are looking to have more economic interaction with the U.S. International cooperation is needed in financial and other fields.
- When business is involved, it cannot be straightforward. It requires special attention because people are belonging to different countries that are doing business together.
- The need for international business law arises because the business is globalized. That means that the companies do business in those countries they are native to and other countries, especially those located nearby.
- Internationalization has become such a trend that it is inevitable, and that is why this is required. There are business deals that are done even when the country that does the business is located in another country.
There are many reasons why this need is necessary.
- One is the globalization of information technology. Companies are trying to keep up with the fast evolution of information technology because this is one good way to make the business more successful.
- Aside from that, companies also want to be safe when doing business with other countries, protecting their assets and companies.
- With international business law, there will be a need to protect intellectual property because this covers the company as a whole.
There are other reasons why there is a need for international business law.
For one, international trade happens to be quite inevitable, and it has become a part of everyday life for so many people.
- It has become one of the main engines of the economy of many countries. There is a need for businesses to expand and grow, which the country’s economy needs.
- Without international trade, there would be less money coming in, and with less money flowing out, there would be less money to invest.
- With international business law, businesses can freely deal with other companies because they know that some rules are applicable in these trades.
- It helps businesses know the laws applicable to their transactions. International trade involves companies from different countries.
Therefore, if a company wants to do business with another company located in another country, then the company’s laws governing that country must respect. It is one reason why international business law is fundamental.
Why do countries do not have good international business law?.
There are so many companies who want to do business with other companies. The only problem is that not all countries have good international business laws.
Therefore, companies must learn about the country’s regulations they will do business with before doing business. It is also one reason why the need for international business law is needed.
- International trade is one of the most profitable businesses that one can get into. However, it can also be one of the most dangerous when done incorrectly.
- Many people make the mistake of entering into business deals with other countries that have atrocious laws. Some of these countries try to enforce these laws to be able to take control of a company. They will do anything to close a business down and make it impossible for anyone to do business with them.
Therefore, if you think about doing business with a country where you do not know the laws, it is advisable to learn about them before doing anything.
In Crux:
If you are interested in learning more about international business law, you can search the Internet for more information. Many websites offer information on this topic. You can read about the different rules that are important in international business.
You can also find out about the different ways you can comply with these laws. Once you have learned all the necessary information, you can open an account in a company with an office located outside of your country.